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StepStone Group Buys Parish Capital Biz

StepStone Group is acquiring the funds management business of Parish Capital Advisors, a private equity investment manager with $2 billion under management, the firms announced Wednesday. Terms of the acquisition, which is expected to close in January, were not released.

StepStone Group LLC today announced that it will acquire the funds management business of Parish Capital Advisors, LLP (Parish Capital), a private equity investment manager with US$2 billion in assets under management. The acquisition is expected to close in January, 2012 and is subject to customary closing conditions. Terms of the transaction were not disclosed.

Parish Capital, founded in 2003, focuses on investments in “ESN” managers, or experienced fund managers of small private equity funds with niche-focused investment strategies. It offers institutional investors access to an attractive, but difficult to analyze segment of the private equity market. It is led by Managing Partners David Jeffrey, Charles Merritt and James Mason.

The acquisition will complement StepStone’s existing office in London and provide StepStone with a strong European investment and advisory presence, building on its core strengths in the Americas, Asia and the Middle East.

“We are excited about adding Parish’s capabilities to StepStone,” said Monte Brem, StepStone’s Chief Executive Officer. “Investing in the best small private equity funds with focused strategies has always been a key part of StepStone’s strategy. The acquisition of Parish will further enhance our capabilities and presence in this highly attractive area of the private equity market. In addition, StepStone has indicated that continuing to grow its investment capabilities in the European market, and particularly small European funds, is a top priority. The addition of the Parish team will support this important strategic goal.”

“After consideration of a number of strategic opportunities, the Parish Partners have determined that StepStone will provide the optimal long-term partner for the Parish funds and its investors,” said Charles Merritt, Parish Partner. “The Parish team is excited about the expanded opportunities that being part of the StepStone investment platform will provide to Parish investors and employees.” Parish Capital was advised by Colchester Partners LLC.

As part of the transaction, David Jeffrey, a Parish Partner, will join StepStone as a Partner and head its European operations and business strategy.

“I am pleased to announce that I will be joining StepStone to work with the firm’s Partners to build a leading European investment platform,” said David Jeffrey, Parish Partner. “StepStone is a leading global private equity platform with an exceptional reputation for investment results and strong trust-based client relationships. I am confident that we will be very successful as we increase our focus on the European market.”

About StepStone Group
StepStone Group LLC is a leading private equity firm that oversees more than US$40 billion of private equity allocations, including over US$7.5 billion of assets under management, through its global offices in New York, London, Beijing, and San Diego. StepStone creates customized portfolios for the world’s most sophisticated investors using a highly disciplined research-focused approach that prudently integrates fund, secondary, mezzanine and co-investments. StepStone has deep global market coverage and a proprietary research based approach that optimizes exposure to top performing investment strategies, geographies and managers.